Macro hedge fund Modular Asset Management is set to conclude its $600m separate account with Millennium Management by the end of the year by mutual consent, according to a report by Bloomberg citing unnamed sources familiar with the matter.

The move ends a partnership that began in early 2020 after Modular spun out from the New York-based multi-strategy major.

Modular, founded by Jimmy Lim, has managed the capital for more than eight years, including roughly two and a half years at Millennium before going independent. The Singapore-based hedge fund has largely replenished its assets from other investors, bringing its total under management to nearly $1.6bn, according to a newsletter seen by Bloomberg. At one point, Millennium accounted for about a third of Modular’s capital base.

Modular’s macro strategy, which spans equities, fixed income, currencies, and commodities, has delivered consistent performance since inception. As of August 2025, the fund had returned nearly 6% year-to-date, with positive monthly returns in 81% of months and a maximum drawdown of just under 2.7%.

Millennium, meanwhile, has continued to expand its allocations to Asia-based macro managers, supporting new launches including Robert Tau’s Aeonea Ltd, Thomas Wong’s Optimas Capital Management, and Qin Xiao’s commodities trading startup, with initial mandates ranging from $1bn to $1.5bn.